1. TMAC Resources January 28, 2016 Cambridge Bay
Revisions to Amendment Application No. 1 of Project Certificate 003 and Water Licence 2AM-DOH1323 NWB Technical Meeting – January 2016
TMAC Resources
January 28, 2016
Cambridge Bay

2. TMAC TMAC Resources Inc. is a publicly traded, Canadian-based company.
Our Vision and sole focus is to explore, develop and mine the Hope Bay Greenstone Belt in the Kitikmeot Region of Nunavut with the support of our landowner and community partners.
Operates with a deep respect for the land and the people of Nunavut.

3. Hope Bay History 1988 - 1999 1999 - 2007 2007 - 2013 2013 – onward
Initiated first large exploration program
Permitted production at Doris North under NIRB project certificate and NWB Type A Water Licence
Built significant infrastructure at Doris
Project on Care and Maintenance
Belt-Wide Exploration and Development Planning
Comprehensive Framework Agreement with KIA
TMAC publically listed; fully funded to production
Doris North Construction
2013 –
onward

4. Project History March 2013 TMAC purchased the Hope Bay Project
August 2013 Type A Water Licence renewal No. 2AM-DOH1323 (Doris North)
November NWB Type A Water Licence amendment application
NIRB Project Certificate amendment application
April TMAC request to suspend review of NIRB and NWB amendment applications
June Re-submission of updated Project Certificate and
Type A Water Licence amendment applications
November 2015 NIRB and NWB commence technical review of the application
January 2016 NIRB and NWB Technical Meetings
2016 TMAC plans to commence activities requiring Project Certificate and Water Licence Amendment as soon as the permit is issued
April Target for commercial production

5. Tailings Impoundment Area (TIA)
Site Orientation
Roberts Bay
Airstrip
Mill and Camp Site
Doris Mine Portal
Tailings Impoundment Area (TIA)
Doris Lake
Road to Madrid 5

6. Purpose of the Application
Amend the Doris North Type A water licence and Project Certificate because of changes to:
the mine plan
waste water management
the tailings deposition strategy
Reduce the risk to the environment
Provide authorizations that are practicable and can be implemented

7. Aspects that Change Mine Water Management Mining method Collection
Mining rate
Treatment
Mine Life
Testing
Ore storage
Vent raises
Waste Management
Mill
Type
Mill rate
Cyanide destruction
Laydown
Mill process
Area
Tailings
Camp
Volume
Size
Deposition
Explosives
Containment structures
Storage
Waste Rock
Closure
Cost estimate
Handling
Disposal

8. Water Licence Changes Updated description of the Project
Tailings Management
Allowance for sub-aerial tailings deposition
Addition of an interim dyke
Changes to the design of the South Dam
Additional infrastructure
Water crossings
Pipeline to Roberts Bay
Conditional Discharge
Mine water to Roberts Bay
TIA water to Roberts Bay
Updated management, monitoring and inspection requirements
Revisions to the Closure Bond

9. Application Package Package Content
1 Project summary and outline of Application package
Description of the proposed changes to the Project as currently authorized
3 NIRB, NWB and NPC Applications
4 Outlines the existing conditions, project interactions and potential effects
5 Revised Management Plans
6 Design details for the proposed changes
7 Proponent information

10. Water Use and Management
Change to the terms of the water licence
No Change in water use sources and volumes
Key Considerations
Freshwater (surface and groundwater) balance and predictive water quality model
Geochemical characterization and inputs to predictive water quality model

11. Waste Disposal and Management
Change to the terms of water licence
Subaerial deposition to tailings
Effluent discharge to Roberts Bay
Key Considerations
TIA dust fall
TIA effluent balance and predictive water quality model
Marine mixing zone and predictive water quality model

12. Emergency and Spill Contingency Planning
Changes to the terms of the water licence
No Changes

13. Operations and Maintenance Procedures
Changes to the terms of the water licence
No Changes
Key Considerations
TIA Design Criteria and Details
Roberts Bay Pipeline Design Criteria and Details
Other Site Infrastructure (example - Water Crossings)

14. Monitoring Changes to the terms of the water licence
No Changes, but updates to existing mitigation and monitoring plans
Key Considerations
Aquatic Monitoring Framework – Marine and Freshwater
Wildlife Monitoring and Management Plan
Air Quality Management Plan
Water Management Plan
Waste Rock and Ore Management Plan
Update to other (existing) plans as needed

15. Closure and Reclamation Planning
Changes to the terms of the water licence
No Changes
Key Considerations
Revised closure plan submitted
Update the Closure Cost Estimate
Bonding requirements amongst parties (NWB, KIA, DFO)

16. NIRB/NWB Application Completeness Review
Technical Review
NIRB
NWB
NIRB/NWB Application Completeness Review
Technical Review
NIRB NWB
4 Parties
86 Comments
Technical Meetings
Resolution of Outstanding Issues
Proponent Commitments
Water Licence T&Cs
NIRB Public Hearing
Water Licensing
7 Parties
61 Comments
Resolution of Outstanding Issues
Proponent Commitments
Topics of Focus for Public Hearing

17. Focus of the NWB Technical Meeting
Issues
Topics
Water Use
Site Wide Water Balance
Waste Disposal
Waste Rock Management
Minewater and Tailings Management Strategy
Infrastructure Design (TIA, Roberts Bay Pipeline)
Effluent Discharge to Roberts Bay (TIA and Minewater)
Emergency and Spill, Operations and Maintenance
Aquatic Monitoring Framework – Marine and Freshwater
Monitoring and Closure
Update to AEMP – Marine and Freshwater
Update to Wildlife Monitoring and Management Plan
Update to Air Quality Management Plan
Update to other plans as needed
Update the Closure Cost Estimate
Other – Project Interaction
Phase 2 and the Madrid Application

18. Forward- Looking Information
This document contains “forward-looking information” within the meaning of applicable Canadian securities laws. Forward-looking information includes statements that use forward-looking terminology such as “may”, “could”, “would”, “will”, “intend”, “plan”, “expect”, “budget”, “estimate”, “forecast”, “schedule”, “anticipate”, “believe”, “continue”, “potential” or the negative or grammatical variation thereof or other variations thereof or comparable terminology. Such forward-looking information includes, without limitation, statements with respect to Mineral Reserve and Mineral Resource estimates; targeting additional Mineral Resources and expansion of deposits; the capital and operating cost estimates and the economic analyses (including cashflow projections) from the Hope Bay Technical Report; the Company’s expectations, strategies and plans for the Hope Bay Project, including the Company’s planned exploration and development activities; the results of future exploration and drilling and estimated completion dates for certain milestones; successfully adding or upgrading resources and successfully developing new deposits; the costs and timing of future exploration and development, including the timing for completion and commissioning of the Gekko Plant; commencement of production at Doris in December 2016, at Madrid in 2020 and at Boston in 2022; that the Company will "bootstrap" the development of Madrid and Boston; the timing and amount of future production at Doris, Madrid and Boston and the capacity of the Gekko Plant to process production; the timing, receipt and maintenance of approvals, licences and permits from the federal government, from the KIA and NTI and from any other applicable government or regulator; future financial or operating performance and condition of the Company and its business, operations and properties; the expected completion date of the Debt Facility and any Interim Facility; the intended use of the net proceeds of the Offering, the Debt Facility and any Interim Facility; the adequacy of funds from the Offering and the Debt Facility to support completion of initial development of Doris and commence commercial production; and any other statement that may predict, forecast, indicate or imply future plans, intentions, levels of activity, results, performance or achievements.
Forward-looking information is not a guarantee of future performance and is based upon a number of estimates and assumptions of management, in light of management’s experience and perception of trends, current conditions and expected developments, as well as other factors that management believes to be relevant and reasonable in the circumstances, as of the date of this prospectus including, without limitation, assumptions about: favourable equity and debt capital markets; the ability to raise any necessary additional capital on reasonable terms to advance the development of the Hope Bay Project and pursue planned exploration; future prices of gold and other metal prices; the timing and results of exploration and drilling programs; the accuracy of any Mineral Reserve and Mineral Resource estimates; the geology of the Hope Bay Project being as described in the Hope Bay Technical Report; the metallurgical characteristics of the deposit being suitable for the Gekko Plant; the successful operation of the Gekko Plant; production costs; the accuracy of budgeted exploration and development costs and expenditures, including to complete development of the infrastructure at the Hope Bay Project; the price of other commodities such as fuel; future currency exchange rates and interest rates; operating conditions being favourable, including whereby the Company is able to operate in a safe, efficient and effective manner; political and regulatory stability; the receipt of governmental and third party approvals, licences and permits on favourable terms; obtaining required renewals for existing approvals, licences and permits and obtaining all other required approvals, licences and permits on favourable terms; sustained labour stability; stability in financial and capital goods markets; availability of equipment; positive relations with the KIA and NTI and other local groups and the Company’s ability to meet its obligations under its property agreements with such groups; the Company’s ability to operate in the harsh northern Canadian climate; and satisfying the terms and conditions of the Debt Facility and any Interim Facility. While the Company considers these assumptions to be reasonable, the assumptions are inherently subject to significant business, social, economic, political, regulatory, competitive and other risks and uncertainties, contingencies and other factors that could cause actual actions, events, conditions, results, performance or achievements to be materially different from those projected in the forward- looking information. Many assumptions are based on factors and events that are not within the control of the Company and there is no assurance they will prove to be correct.
Furthermore, such forward-looking information involves a variety of known and unknown risks, uncertainties and other factors which may cause the actual plans, intentions, activities, results, performance or achievements of the Company to be materially different from any future plans, intentions, activities, results, performance or achievements expressed or implied by such forward-looking information. Such risks include, without limitation: general business, social, economic, political, regulatory and competitive uncertainties; differences in size, grade, continuity, geometry or location of mineralization from that predicted by geological modelling and the subjective and interpretative nature of the geological modelling process; the speculative nature of mineral exploration and development, including the risk of diminishing quantities or grades of mineralization and the inherent riskiness of Inferred Mineral Resources; a material decline in the price of gold; a failure to achieve commercial viability, despite an acceptable gold price, or the presence of cost overruns which render the project uneconomic; geological, hydrological and climactic events which may adversely affect infrastructure, operations and development plans, and the inability to effectively mitigate or predict with certainty the occurrence of such events; credit and liquidity risks associated with the Company’s financing activities, including constraints on the Company’s ability to raise and expend funds as a result of operational and reporting covenants associated with the Debt Facility and the Interim Financing and the risk that the Company will be unable to service its indebtedness; the Company’s inability to raise sufficient funds to develop the Hope Bay Project into commercial production; delays in construction or development of the Hope Bay Project resulting from delays in the performance of the obligations of the Company’s contractors and consultants, the receipt of governmental approvals and permits in a timely manner or to complete and successfully operate mining and processing components; the Company’s failure to accurately model and budget future capital and operating costs associated with the development and operation of the Hope Bay Project; difficulties with transportation and logistics relating to the delivery of essential equipment and supplies to the Hope Bay Project, including by way of airlift and sealift, and the logistical challenges presented by the Hope Bay Project’s location in a remote Arctic environment; the failure to develop or supply adequate infrastructure to sustain the operation and development of the Hope Bay Project, including the provision of reliable sources of electrical power, water, and transportation; adverse fluctuations in the market prices and availability of commodities and equipment affecting the Company’s business and operations; the unavailability of specialized expertise in respect of operating in a remote, environmentally extreme and ecologically sensitive area in the Kitikmeot region of Nunavut; the Company’s management being unable to successfully apply their skills and experience and attract and retain highly skilled personnel; the cyclical nature of the mining industry and increasing prices and competition for resources and personnel during mining cycle peaks; the Company’s failure to maintain good working relationships with Inuit organizations; failure to comply with laws and regulations or other regulatory requirements; failure to comply with existing approvals, licences and permits, and Inuit agreements, and the Company’s inability to renew existing approvals, licences, permits and Inuit agreements or obtain required new approvals, licences, permits and Inuit agreements on timelines required to support development plans; the Company’s failure to comply with environmental regulations, the tendency of such regulations to become more strict over time, and the costs associated with maintaining and monitoring compliance with such regulations; the adverse influence of third party stakeholders including social and environmental non-governmental organizations; the adverse impact of competitive conditions in mineral exploration and mining business; the Company’s failure to maintain satisfactory labour relations and the risk of labour disruptions or changes in legislation relating to labour; the Company’s lack of operating history and no history of earnings; failure by the Company to use the proceeds of the Offering in the manner specified in the prospectus; limits of insurance coverage and uninsurable risk; the adverse effect of currency fluctuations on the Company’s financial performance; difficulties associated with enforcing judgements against directors residing outside of Canada; conflicts of interest; the significant control exercised by RCF and Newmont over the Company; the dilutive effect of future acquisitions or financing activities and the failure of future acquisitions to deliver the benefits anticipated; failure of the Company’s information technology systems or the security measures protecting such systems; the costs associated with legal proceedings should the Company become the subject of litigation or regulatory proceedings; and costs associated with complying with public company regulatory reporting requirements.